Corruption costs Ghana more than the $3bn it is seeking from IMF – Dr Ali-Nakyea

Corruption costs Ghana more than the bn it is seeking from IMF – Dr Ali-Nakyea

A lecturer at the University of Ghana School of Law is frightened about the imprudence that surrounds government expenditure in the country.

According to Dr Abdallah Ali-Nakyea, even handed spending may have saved the country many funds to the extent that government wouldn’t want help from the International Monetary Fund (IMF).

He alluded to the revelation in 2018 when the Commissioner for Human Rights and Administrative Justice (CHRAJ), Rev. Richard Quayson revealed that the country loses more than $3 billion each year by means of corruption.

Coincidentally, it is about the same amount that the Finance Minister is seeking to get from the IMF in the ongoing talks.

“The report of CHRAJ and Ghana Integrity Initiative exist telling us that we lose over $3 billion every year to corruption. That is the same amount we are going to the IMF for,” he said.

Ali-Nakyea was talking at the ICAG Round Table Meeting on Tuesday, November 8 which was aired on Joy FM.

The programme was on the theme, ‘Managing IMF expectation and Ghana’s economic system: the means forward.’

The legislation lecture insisted that lowering the loopholes in expenditure will decelerate the widening debt deficit that the country has been struggling over the previous few years.

“So that is what I see about trying to hold the wide deficit. Let’s be prudent in our spending.”

Ghana is currently at the doorways of the International Monetary Fund (IMF) for a potential $3 billion bailout amid intensifying hardship, skyrocketing gas costs, a rising cost of residing and a depreciating cedi.

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Credit: myjoyonline

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